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The AMF updates its policy on the information to be provided by collective investment schemes incorporating non-financial approaches
02 August 2023

The AMF updates its policy on the information to be provided by collective investment schemes incorporating non-financial approaches

The AMF has amended its Position-Recommendation DOC-2020-03 which defines the disclosures to be made by collective investment schemes incorporating non-financial approaches. The update extends the scope of this policy to include French and foreign European long-term investment funds (ELTIFs) marketed to retail investors in France.

Requirements on the disclosure of non-financial characteristics

So far, Position-Recommendation DOC-2020-03 stated the non-financial information that may be disclosed by French collective investment schemes and foreign UCITS marketed in France to retail clients. These provisions are set out for the various regulatory documents (key investor information documents, prospectuses) and marketing materials.

French ELTIFs taking the form of collective investments schemes that are already accessible to retail investors were therefore subject to these provisions, unlike foreign ELTIFs that were not explicitly covered by this policy.

Revision of the ELTIF Regulation

Alternative investment funds (AIFs) authorized under ELTIF Regulation can be marketed to retail clients under certain conditions set out in the aforementioned Regulation. Regulation (EU) 2023/606 (applicable starting 10 January 2024) amends the original ELTIF Regulation and eases the marketing conditions of the AIFs ELTIFs marketed to retail clients.

Extension of the policy to retail ELTIFs

The AMF is extending the scope of its Position-Recommendation DOC-2020-03 to include both French and foreign ELTIFs that are marketed to retail investors and that wish to make central or limited disclosures about their non-financial characteristics. The purpose of this extension aims at ensuring consistency in the requirements on non-financial disclosure applicable to ELTIFs marketed to retail clients in France, regardless of their legal status or domicile.